do reply
This query is : Resolved
30 December 2009
1.I am engaged in wholesale business and also have a commission agency. My turnover from wholesale business this year is Rs.38 lakh while my commission income is Rs.5 lakh. Do I have to get my accounts audited since the total is exceeding Rs. 40 lakhs?
30 December 2009
no if one of your business exceeds 40lacks then audit
30 December 2009
But i feel the momment my turnover exceeds 40 lakhs of my both business i need to get my books of a.cs audited?
30 December 2009
Both are business income hence these will be clubbed because the nature is of sales and gross receipts.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
See Section 44AB of the Income Tax Act which requires tax audit where total sales, turnover or gross receipts exceeds Rs.40 Lacs.
30 December 2009
I do agree with Mr surendra kumar......Audit requirement under section 44AB will emerges
30 December 2009
Agree with Sir Rakhecha & expert Mr. Vivek
30 December 2009
calculation of turnover is Assesse wise not business wise.(sec.44AB)
31 December 2009
AGREED
31 December 2009
agree to all
03 January 2010
yes , you are thinking right Sonia.
You need to be the querist or approved CAclub expert to take part in this query .
Click here to login now
Click here to login now
Similar Resolved Queries
Unanswered Queries
- About TDS & Income Tax
- Under construction property in ITR
- Pass word to open justification report for Q1 for FY 2026-27
- Section 194JA & JB Income which ITR Form to use
- Scrutiny and reopening of past returns
- PPF interest-As Exempt Income disclosure
- Building tax payment deduction in rental Income
- Booth for sales promotion
- Upload Level ValidationITR3Category of Defect B/D
- F & O PROFIT REPORTING FOR AY 2026-27
- Indian IT Portal issue in computing tax as per UK-India DTAA
- Capital Gains on sale of residential flat
- PF Taxable Income
- Clarification on Tax Audit Applicability and Reporting of F&O Transactions in ITR-3
- Interest credited in FY2025-2026 & TDS therein by EPFO does not reflect in AIS or Form 26AS
- 44ad eligble money lending interest
- Taxation in the hands of Landowner under JDA
- Delisted shares sold in off market/ Rebate u/s87A
- In Exports Sales HSN details where to fill
- Opting out" of regime provided under subsection (1A) of Section 115BAC but Form 10IEA is not filed.
Trending Online Classes
-
DT & Audit (Exam Oriented Fastrack Batch) - For May 26 Exams and onwards Full English
CA Bhanwar Borana & CA Shubham Keswani
Subscribe to Pro
Join an elite circle of professionals
CAclubindia
